United Bank for Africa Plc (UBA) has initiated a capital raise of over N157 billion through a rights issue aimed at strengthening its financial position and expanding its operations.
According to a regulatory filing with the Nigerian Exchange Limited (NGX), the bank, through its stockbrokers United Capital Securities Limited, has submitted an application for the approval and listing of 3,156,869,665 ordinary shares.
The shares, with a nominal value of 50 kobo each, will be offered at N50.00 per share.
The rights issue is being offered on a basis of one new ordinary share for every thirteen ordinary shares held by shareholders as of the close of business on July 16, 2025, which has been set as the qualification date.
The announcement was contained in a statement signed by Godstime Iwenekhai, Head of the Issuer Regulation Department at the NGX.
“Trading License Holders are hereby notified that United Bank for Africa Plc (the Company) has through its Stockbrokers, United Capital Securities Limited, submitted an application to Nigerian Exchange Limited for the approval and listing of a Rights Issue of Three Billion, One Hundred and Fifty-Six Million, Eight Hundred and Sixty-Nine Thousand, Six Hundred and Sixty-Five (3,156,869,665) ordinary shares of 50 Kobo each at N50.00 per share,” the statement read.
UBA has not issued a public statement detailing the specific use of proceeds from the rights issue. However, the move comes following the bank’s strong financial performance in 2024, where it recorded a profit before tax of ₦803.73 billion.
The earnings were attributed to improved operational efficiency and solid core income, as previously reported in the bank’s financial disclosures.
The rights issue is expected to provide existing shareholders the opportunity to increase their equity in the bank while supporting UBA’s strategic growth plans across its operations.
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